As the most isolated capital city in the world, Perth residents have long enjoyed the fruits of the mining boom, the picturesque beaches and a lifestyle that is arguably the envy of much of Australia. However, Perth has also experienced the economic highs, and desperate lows due to its reliance on what it pulls out of the ground, with fluctuating house prices, cost of living, not to mention job securing often tied to Global Iron Ore and other precious mineral pricing.
In the 2017 ABC Documentary, Betting on the House, it was evident to viewers how unguided, inexperienced investment in the property market brought many people in WA to their knees.
With similar market hallmarks in the Western Australian’s mining industry – in part due to the trade war with China and the downward pressure on iron ore pricing & jobs – it’s timely to consider could a GFC-like effect impact the WA market?
Prepare for the unexpected
Financial Planners in Perth understand the risks of FIFO workers, the rewards and the opportunities that are out there for investors that put their money in the right place.
A financial planner can provide a path to success for your personal finances, regardless of if you earn a lot now, later or lose your job through industry cutbacks.
In a market such as Perth that has already seen the highs and lows, pooling your investments in one asset class such as shares or property has proved to be extremely dangerous – and for your long-term financial security, a Perth financial planner is key to getting this right for you.
Regardless of how old you are, have you got a will? Have your thought about how much you would need to retire? Have you through about purchasing a boat? Or have you seen a little apartment you liked in Broome that would be a great holiday rental, as well as a place for you to get away from the world? A financial planner based in Perth is the ideal piece of the puzzle for those looking to ensure their financial future is in good hands.
I understand money, why should I see a financial planner?
What happens if the mining ends? If you work in hospitality or tourism and run into issues, could you survive if it couldn’t get back up on its feet? What if you lost your job? Could you pay your mortgage?
A financial planner is not a ‘dooms-day prepper’, but a planner for all scenarios you might face in your future. They look at your life, objectively, working through what levels of debt you have, what income you make, how many years you could work and how much you need to retire.
But it’s not all about squirrelling away all your money and having no fun. What about a small boat to enjoy Rottnest Island? Why not. But too many people make the mistake of putting them on credit, not planning, saving and buying when the time is right.
If you want to be comfortable in retirement, get debt-free, and own your financial future – not be a slave to the big banks and their interest payments – then a financial planner in Perth is your next best step.
